Bango is pleased to announce that it is raising £2.4 million via the placement of around 1.7 million new shares.
The proceeds of the Placing will strengthen the Company’s balance sheet, supporting its discussions with global industry leaders for its billing and analytics technology.
Application has been made to the London Stock Exchange for the New Ordinary Shares, which will rank pari passu with the existing shares in issue, to be admitted to trading on AIM. Admission is expected to become effective on 16 December 2010.
Ray Anderson, Chief Executive Officer of Bango plc, commented on this successful placement:
“We believe our relationship with RIM, providing payment services within the BlackBerry AppWorld, and our discussions with other application store owners have the potential to drive significant growth at Bango. This new investment is a strong endorsement of that potential, further strengthening our balance sheet and enabling us to fully capitalise on these opportunities as they arise.”